Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Home building hits record high: HIA
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Home building hits record high: HIA

Francesca Krakue 2 minute read

New home construction in Australia has seen one of its longest upcycles in history, according to the Housing Industry Association (HIA).

HIA chief economist Harley Dale said that the historical high of 215,329 commencements for the year to September 2015 is 15 per cent above the previous peak of just over 187,000 ‘starts’ in 1994.

“Today’s update for national new home building is a stellar result not only for the residential construction industry, but for the wider economy,” he said.

“Over recent years households and businesses have faced a barrage of negative chatter about below trend growth and downside risks to the economic outlook."

He added: “Throughout this time new home construction has posted one of its longest upcycles in history – providing substantial support to Australia’s economic output and levels of employment.”

Advertisement
Advertisement

Mr Dale noted that in a federal election year where there is a focus on options for economic and taxation reform, the new housing sector needs to be front and centre.

“We need a visionary outlook regarding the homes Australia has to build over the coming decades to house its growing and ageing population, while not forgetting to celebrate the fact that new home construction and its massive spin-off benefits has propped up the Australian economy at a time when no other sector has come to the party,” he said.

“As has been the case throughout the current cycle, the profile for national dwelling commencements masks large regional differences,” he said.

In the September 2015 quarter new dwelling commencements increased in NSW (+2.4 per cent), Western Australia (1.7 per cent), South Australia (+1.2 per cent), the Northern Territory (+17.4 per cent), and the Australian Capital Territory (+0.4 per cent).

Meanwhile, commencements fell in Queensland (-1 per cent), Victoria (-3.8 per cent) and Tasmania (-20.7 per cent).

Home building hits record high: HIA
default
TheAdviser logo
default
James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

FROM THE WEB
more from the adviser
handshake 1 850 Asset finance lender acquired for $260m

Equipment finance lender Axsesstoday, which had been placed into ...

StephenMoore850 Brokers encouraged to seize data opportunities

Head of Choice Aggregation Stephen Moore has encouraged brokers t...

megaphone crowd ta Brokers have their say on serviceability changes

Several leading brokers have suggested that APRA’s recent chang...